Hangzhou-based smartband startup Cavy Technology aims to challenge Microsoft’s Xbox One and Sony’s PlayStation with its new gesture controlled wristband.

The company, which was founded by Frank Chang, a former general manager of IBM’s eastern China operation, is raising millions of dollars in a series A funding round to expand its operations and develop a virtual reality headset that would work with its wristband.

Foxconn, Apple’s major iPhone assembler, invested an undisclosed amount in Cavy last year and the Taiwanese contract manufacturer is helping to produce the wristband, the companies said.